Advances in Mergers and Acquisitions

Abstract 
While there is an increasing understanding of the challenges that can emerge in integration processes of cross-border mergers and acquisitions, there is a scarcity of research on how the different integrative activities should be temporally sequenced. Based on an in-depth analysis of three acquisitions, we find that structural and cultural integration are intertwined. We find that cultural integration will begin only once structural integration is in progress. Cultural differences can, however, impede structural integration if structural integration is done in conflict with the existing culture of the acquired company. Thus, structural integration should come first, but it should be done in appreciation with the acquired company’s existing culture. Cultural change is then facilitated in an iterative manner over time by the new structure. Our chapter contributes to an improved understanding of the temporal dynamics of integration by demonstrating the mutually reinforcing effects of structural and cultural integration in cross-border acquisitions.

Satu Teerikangas

Tomi Laamanen

Structure First! Temporal Dynamics of Structural and Cultural Integration in Cross-Border Acquisitions

结构优先！跨境并购中的结构与文化整合的时间动态

Abstract 
Post-acquisition integration matters for overall M&A outcome. However within this phase researchers have struggled to identify clear links between integration activities and post-acquisition outcome. This may be due to using organisational levels of analysis, where sub-organisational issues serve to confound findings. In order to unpack the post-acquisition phase, and to delve more deeply into organisations, this paper adopts a more granular perspective on integration activities by focusing upon the building blocks of organisations. Specifically we investigate ordinary routine amalgamation and their impact upon meta-routine outcome during acquisition integration. Drawing upon two longitudinal integration cases and using ‘retroductive’ analysis, two types of amalgamation are identified, namely ‘combination’ and ‘superimposition’. We find that, while the basic nature of routines, such as multiplicity and nestedness, inhibit routine amalgamation, external interference in the form of context, structural change or introduction of additional routines is needed to stabilise amalgamated routines. From our findings we are able to suggest a number of testable propositions about the factors that influence the amalgamation of routines. This empirical study contributes to the M&A literature by opening up the ‘black box’ of post-acquisition integration by providing details at a granular level of what actually happens during integrations.

Duncan Angwin

Uma Urs

The Effect of Routine Amalgamations in Post-Acquisition Integration Performance: Whether to ‘Combine’ or ‘Superimpose’ for Synergy Gains?

常规合并对收购后整合绩效的影响：为实现协同效应，应“合并”还是“叠加”？

Günter K. Stahl

Andreas Voigt

Advances in Mergers &amp; Acquisitions

IMPACT OF CULTURAL DIFFERENCES ON MERGER AND ACQUISITION PERFORMANCE: A CRITICAL RESEARCH REVIEW AND AN INTEGRATIVE MODEL

文化差异对并购绩效的影响：一项关键研究综述与整合模型

Empirical findings from the past 15 years suggest that the influence of culture on the integration process is critical. However, the interrelationships between corporate and national cultures and their influence on merger success are not clear, and the results of empirical studies are contradictory. The major objective of this chapter is to provide a framework that addresses the effects of cultural distance on various integration approaches, and thereby explain international merger and acquisition performance. The framework can assist managers of international mergers in analyzing, evaluating, and planning before the merger and in implementing the chosen integration approach after the merger.

Yaakov Weber

Shlomo Yedidia Tarba

Arie Reichel

International mergers and acquisitions performance revisited – the role of cultural distance and post-

国际并购绩效再探讨——文化距离与并购后整合的作用

Richard Schoenberg

The influence of cultural compatibility within cross-border acquisitions: A review

跨境并购中文化兼容性的影响：综述

Lasse B. Lien

Peter G. Klein

Relatedness and Acquirer Performance

ISSN	1479-361X, 2051-3178
h-index	22

出版信息	出版商: Emerald Group Publishing Ltd.，出版周期: ，期刊类型: book-series，开源期刊: 否
基本数据	创刊年份: 2012，原创研究文献占比: ，自引率:， Gold OA占比:

Advances in Mergers and Acquisitions

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Structure First! Temporal Dynamics of Structural and Cultural Integration in Cross-Border Acquisitions

The Effect of Routine Amalgamations in Post-Acquisition Integration Performance: Whether to ‘Combine’ or ‘Superimpose’ for Synergy Gains?

IMPACT OF CULTURAL DIFFERENCES ON MERGER AND ACQUISITION PERFORMANCE: A CRITICAL RESEARCH REVIEW AND AN INTEGRATIVE MODEL

International mergers and acquisitions performance revisited – the role of cultural distance and post-

The influence of cultural compatibility within cross-border acquisitions: A review

Structure First! Temporal Dynamics of Structural and Cultural Integration in Cross-Border Acquisitions

The Effect of Routine Amalgamations in Post-Acquisition Integration Performance: Whether to ‘Combine’ or ‘Superimpose’ for Synergy Gains?

International mergers and acquisitions performance revisited – the role of cultural distance and post-

Relatedness and Acquirer Performance

IMPACT OF CULTURAL DIFFERENCES ON MERGER AND ACQUISITION PERFORMANCE: A CRITICAL RESEARCH REVIEW AND AN INTEGRATIVE MODEL